Samsung Pay Looks to Virtual Reality In App Purchases
Samsung is hoping to up its game when it comes to electronic payments. The company is hoping to catch up to Apple with their in app purchases by utilizing Samsung Pay and by exploring payments through virtual reality.
Samsung Pay was launched in 2015 to compete against Apple’s Apple Pay which enables users to use their phone reader to pay for whatever they want to buy. They debuted in South Korea first and then the United States and China.
Now, Samsung is looking to further expand Samsung Pay by adding features such as in-app purchases and loyalty programs. The Head of Samsung Pay Europe, Nathalie Oestmann, said to CNBC, “Gift cards I think provide us with a unique way to provide offers, we have in-app, that is on our road map, online commerce, being able to pay online with Samsung Pay is very important. People are browsing retail sites. Many are browsing but only a small number are paying. Merchants will want to close that gap, banks would like to close that gap, if you use Samsung Pay in an in-app capacity, you won’t have to re-enter card details.”
Even though Apple Pay allows in app purchasing, Samsung is yet to release that feature.
Six months after launching, Samsung’s Samsung Pay accumulated 5 million users. The company has been focused on promoting their new Samsung Gear VR headset as well as their 360-degree cameras to be able to film footage for virtual reality.
Now, Samsung thinks that virtual reality and payments will collide to present a massive opportunity.
Oestmann said, “Some conversations we have been hearing about is how great would it be if you could enter a store with your VR headset and you browse the store in VR. You can click and pick what you want. I would like to be the payment mechanism behind that.”
Samsung envisions users being able to look at what they want to purchase in virtual reality, quickly select the product and then purchase by utilizing Samsung Pay.